Bitcoin experienced a significant drop in price following remarks made by US Treasury Secretary Scott Bessent about the establishment of a strategic Bitcoin reserve. Initial comments regarding confiscated assets and future accumulation led to a market correction, with Bitcoin trading below $124,000 for the first time since it set a new all-time high earlier in the evening. ➡️ In an interview on Fox Business, Bessent stated that the US Treasury will begin building its own Bitcoin reserve by using confiscated assets and stop selling previously held BTC. This sparked concern and volatility in the market, leading to substantial liquidations exceeding $963 million within just a day. Despite clarification from the Treasury Secretary later, indicating a budget-neutral approach to reserve growth rather than direct purchases from the Treasury, the market remained shaken. 🧐 The sudden shift in strategy fueled speculation about government intentions and created uncertainty among investors.